Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Tables)

9 Months Ended

Mar. 29, 2015

Separate Financial Information Of Subsidiary Guarantors Of Indebtedness

Schedule Of Outstanding Amounts Related To Guaranteed Debt

The Company had the following outstanding amounts related to the guaranteed debt (in thousands):



	March 29, 2015 Carrying Amount		Maximum Guarantee
Senior Notes	$	225,000	$	225,000
Multicurrency Credit Agreement	$	60,100	$	500,000

Schedule of Condensed Supplemental Consolidating Balance Sheets

CONSOLIDATING BALANCE SHEET

As of March 29, 2015

(Unaudited)



	Briggs & Stratton Corporation		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	5,946	$	455	$	43,293	$	—		$	49,694
Accounts Receivable, Net	164,675		95,655		55,395		—			315,725
Intercompany Accounts Receivable	19,650		6,690		38,401		(64,741		)	—
Inventories, Net	209,572		160,022		77,302		—			446,896
Deferred Income Tax Asset	31,697		15,414		1,847		—			48,958
Prepaid Expenses and Other Current Assets	26,630		1,768		7,065		—			35,463
Total Current Assets	$	458,170	$	280,004	$	223,303	$	(64,741	)	$	896,736
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	27,978	$	—		$	156,278
Investments	29,354		—		—		—			29,354
Investments in Subsidiaries	504,606		—		—		(504,606		)	—
Intercompany Note Receivable	37,667		72,354		22,918		(132,939		)	—
Debt Issuance Costs	3,950		—		—		—			3,950
Other Intangible Assets, Net	—		55,007		40,398		—			95,405
Long-Term Deferred Income Tax Asset	23,271		—		129		(23,271		)	129
Other Long-Term Assets, Net	7,783		3,262		1,400		—			12,445
Total Other Assets	$	734,931	$	130,623	$	92,823	$	(660,816	)	$	297,561
PLANT AND EQUIPMENT, NET	246,041		27,931		26,260		—			300,232
TOTAL ASSETS	$	1,439,142	$	438,558	$	342,386	$	(725,557	)	$	1,494,529

CURRENT LIABILITIES:
Accounts Payable	$	115,794	$	55,909	$	25,773	$	—		$	197,476
Intercompany Accounts Payable	30,074		7,511		27,156		(64,741		)	—
Short-Term Debt	60,100		—		—		—			60,100
Accrued Liabilities	96,202		42,053		20,389		—			158,644
Total Current Liabilities	$	302,170	$	105,473	$	73,318	$	(64,741	)	$	416,220
OTHER LIABILITIES:
Accrued Pension Cost	$	107,115	$	381	$	496	$	—		$	107,992
Accrued Employee Benefits	24,487		—		—		—			24,487
Accrued Postretirement Health Care Obligation	37,529		14,221		—		—			51,750
Intercompany Note Payable	86,864		—		46,075		(132,939		)	—
Deferred Income Tax Liabilities	—		15,781		10,904		(23,271		)	3,414
Other Long-Term Liabilities	31,133		8,824		865		—			40,822
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	512,128	$	39,207	$	58,340	$	(156,210	)	$	453,465
TOTAL SHAREHOLDERS’ INVESTMENT	624,844		293,878		210,728		(504,606		)	624,844
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,439,142	$	438,558	$	342,386	$	(725,557	)	$	1,494,529

CONSOLIDATING BALANCE SHEET

As of June 29, 2014



	Briggs & Stratton Corporation		Guarantor Subsidiary		Non-Guarantor Subsidiaries		Eliminations			Consolidated
CURRENT ASSETS:
Cash and Cash Equivalents	$	138,926	$	2,680	$	53,062	$	—		$	194,668
Accounts Receivable, Net	86,099		100,062		34,429		—			220,590
Intercompany Accounts Receivable	15,987		3,492		32,826		(52,305		)	—
Inventories, Net	165,159		146,749		64,195		—			376,103
Deferred Income Tax Asset	33,343		13,904		1,711		—			48,958
Prepaid Expenses and Other Current Assets	17,436		3,508		9,072		—			30,016
Total Current Assets	$	456,950	$	270,395	$	195,295	$	(52,305	)	$	870,335
OTHER ASSETS:
Goodwill	$	128,300	$	—	$	16,222	$	—		$	144,522
Investments	27,137		—		—		—			27,137
Investments in Subsidiaries	470,391		—		—		(470,391		)	—
Intercompany Note Receivable	49,293		84,567		13,876		(147,736		)	—
Debt Issuance Costs	4,671		—		—		—			4,671
Other Intangible Assets, Net	—		55,909		24,408		—			80,317
Long-Term Deferred Income Tax Asset	32,507		—		677		(18,006		)	15,178
Other Long-Term Assets, Net	7,120		2,088		1,331		—			10,539
Total Other Assets	$	719,419	$	142,564	$	56,514	$	(636,133	)	$	282,364
PLANT AND EQUIPMENT, NET	241,166		39,863		15,978		—			297,007
TOTAL ASSETS	$	1,417,535	$	452,822	$	267,787	$	(688,438	)	$	1,449,706

CURRENT LIABILITIES:
Accounts Payable	$	105,532	$	45,171	$	18,568	$	—		$	169,271
Intercompany Accounts Payable	21,859		6,002		24,444		(52,305		)	—
Accrued Liabilities	85,735		31,863		16,318		—			133,916
Total Current Liabilities	$	213,126	$	83,036	$	59,330	$	(52,305	)	$	303,187
OTHER LIABILITIES:
Accrued Pension Cost	$	125,481	$	421	$	627	$	—		$	126,529
Accrued Employee Benefits	24,491		—		—		—			24,491
Accrued Postretirement Health Care Obligation	44,928		14,362		—		—			59,290
Intercompany Note Payable	85,343		—		62,393		(147,736		)	—
Deferred Income Tax Liabilities	—		18,006		—		(18,006		)	—
Other Long-Term Liabilities	26,732		11,037		1,006		—			38,775
Long-Term Debt	225,000		—		—		—			225,000
Total Other Liabilities	$	531,975	$	43,826	$	64,026	$	(165,742	)	$	474,085
TOTAL SHAREHOLDERS’ INVESTMENT	672,434		325,960		144,431		(470,391		)	672,434
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	$	1,417,535	$	452,822	$	267,787	$	(688,438	)	$	1,449,706

Schedule of Condensed Supplemental Consolidating Statements Of Operations and Comprehensive Income (Loss)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended March 29, 2015

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	408,530		$	165,804		$	95,155		$	(50,474	)	$	619,015
Cost of Goods Sold	321,429			150,392			71,500			(50,474		)	492,847
Restructuring Charges	—			7,088			—			—			7,088
Gross Profit	87,101			8,324			23,655			—			119,080
Engineering, Selling, General and Administrative Expenses	43,252			19,504			9,958			—			72,714
Restructuring Charges	—			943			—			—			943
Equity in Earnings from Subsidiaries	(5,072		)	—			—			5,072			—
Income (Loss) from Operations	48,921			(12,123		)	13,697			(5,072		)	45,423
Interest Expense	(5,159		)	(72		)	(2		)	—			(5,233		)
Other Income, Net	1,375			293			655			—			2,323
Income (Loss) before Income Taxes	45,137			(11,902		)	14,350			(5,072		)	42,513
Provision (Credit) for Income Taxes	11,216			(4,448		)	1,824			—			8,592
Net Income (Loss)	$	33,921		$	(7,454	)	$	12,526		$	(5,072	)	$	33,921
Comprehensive Income (Loss)	$	23,200		$	(8,010	)	$	4,740		$	3,270		$	23,200

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended March 30, 2014

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Net Sales	$	429,788		$	172,493		$	78,767	$	(52,645	)	$	628,403
Cost of Goods Sold	334,097			158,623			58,852		(52,645		)	498,927
Restructuring Charges	(774		)	—			—		—			(774		)
Gross Profit	96,465			13,870			19,915		—			130,250
Engineering, Selling, General and Administrative Expenses	43,267			20,938			10,658		—			74,863
Equity in Earnings from Subsidiaries	(3,658		)	—			—		3,658			—
Income (Loss) from Operations	56,856			(7,068		)	9,257		(3,658		)	55,387
Interest Expense	(4,720		)	—			—		—			(4,720		)
Other Income, Net	2,078			15			202		—			2,295
Income (Loss) before Income Taxes	54,214			(7,053		)	9,459		(3,658		)	52,962
Provision (Credit) for Income Taxes	15,061			(2,598		)	1,346		—			13,809
Net Income (Loss)	$	39,153		$	(4,455	)	$	8,113	$	(3,658	)	$	39,153
Comprehensive Income (Loss)	$	47,127		$	(4,542	)	$	9,276	$	(4,734	)	$	47,127

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Nine Months Ended March 29, 2015

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	816,386		$	413,772		$	295,066		$	(169,293	)	$	1,355,931
Cost of Goods Sold	650,398			372,129			227,649			(169,293		)	1,080,883
Restructuring Charges	—			20,780			—			—			20,780
Gross Profit	165,988			20,863			67,417			—			254,268
Engineering, Selling, General and Administrative Expenses	120,553			55,248			40,966			—			216,767
Restructuring Charges	—			2,481			—			—			2,481
Equity in Loss from Subsidiaries	930			—			—			(930		)	—
Income (Loss) from Operations	44,505			(36,866		)	26,451			930			35,020
Interest Expense	(14,460		)	(178		)	(3		)	—			(14,641		)
Other Income, Net	4,690			1,069			990			—			6,749
Income (Loss) before Income Taxes	34,735			(35,975		)	27,438			930			27,128
Provision (Credit) for Income Taxes	9,149			(13,426		)	5,819			—			1,542
Net Income (Loss)	$	25,586		$	(22,549	)	$	21,619		$	930		$	25,586
Comprehensive Income (Loss)	$	2,003		$	(23,041	)	$	2,677		$	20,364		$	2,003

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Nine Months Ended March 30, 2014

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	855,142		$	425,041		$	229,465		$	(147,349	)	$	1,362,299
Cost of Goods Sold	688,280			388,123			177,094			(147,349		)	1,106,148
Restructuring Charges	2,693			228			1,783			—			4,704
Gross Profit	164,169			36,690			50,588			—			251,447
Engineering, Selling, General and Administrative Expenses	123,019			56,628			35,755			—			215,402
Restructuring Charges	77			—			348			—			425
Equity in Loss from Subsidiaries	1,459			—			—			(1,459		)	—
Income (Loss) from Operations	39,614			(19,938		)	14,485			1,459			35,620
Interest Expense	(13,796		)	—			(27		)	—			(13,823		)
Other Income, Net	5,882			199			57			—			6,138
Income (Loss) before Income Taxes	31,700			(19,739		)	14,515			1,459			27,935
Provision (Credit) for Income Taxes	11,194			(7,275		)	3,510			—			7,429
Net Income (Loss)	$	20,506		$	(12,464	)	$	11,005		$	1,459		$	20,506
Comprehensive Income (Loss)	$	35,082		$	(12,747	)	$	11,785		$	962		$	35,082

Schedule of Condensed Supplemental Consolidating Statements Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended March 29, 2015

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(44,164	)	$	(9,889	)	$	3,398		$	(1,480	)	$	(52,135	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(34,008		)	(4,680		)	(5,469		)	—			(44,157		)
Proceeds Received on Disposition of Plant and Equipment	90			156			72			—			318
Cash Investment in Subsidiary	(6,880		)	—			—			6,880			—
Cash Paid for Acquisition, Net of Cash Acquired	(59,855		)	—			—			—			(59,855		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	(1,000		)	—			—			1,000			—
Other, Net	(250		)	—			—			—			(250		)
Net Cash Provided by (Used in) Investing Activities	(101,903		)	(4,524		)	(5,397		)	7,880			(103,944		)
Cash Flows from Financing Activities:
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt	60,100			12,188			(11,188		)	(1,000		)	60,100
Treasury Stock Purchases	(39,560		)	—			—			—			(39,560		)
Stock Option Exercise Proceeds and Tax Benefits	3,921			—			—			—			3,921
Cash Dividends Paid	(11,374		)	—			—			—			(11,374		)
Cash Investment in Subsidiary	—			—			5,400			(5,400		)	—
Net Cash Provided by (Used in) Financing Activities	13,087			12,188			(5,788		)	(6,400		)	13,087
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1,982		)	—			(1,982		)
Net Increase (Decrease) in Cash and Cash Equivalents	(132,980		)	(2,225		)	(9,769		)	—			(144,974		)
Cash and Cash Equivalents, Beginning	138,926			2,680			53,062			—			194,668
Cash and Cash Equivalents, Ending	$	5,946		$	455		$	43,293		$	—		$	49,694

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended March 30, 2014

(Unaudited)



	Briggs & Stratton Corporation			Guarantor Subsidiary			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Provided by (Used in) Operating Activities	$	(48,051	)	$	1,925		$	32,093		$	—	$	(14,033	)
Cash Flows from Investing Activities:
Additions to Plant and Equipment	(26,474		)	(1,932		)	(1,065		)	—		(29,471		)
Proceeds Received on Disposition of Plant and Equipment	57			33			19			—		109
Cash Investment in Subsidiary	8,107			—			(8,107		)	—		—
Net Cash Provided by (Used in) Investing Activities	(18,310		)	(1,899		)	(9,153		)	—		(29,362		)
Cash Flows from Financing Activities:
Repayments on Short-Term Debt	—			—			(300		)	—		(300		)
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt	(668		)	668			—			—		—
Debt Issuance Costs	(949		)	—			—			—		(949		)
Treasury Stock Purchases	(30,066		)	—			—			—		(30,066		)
Stock Option Exercise Proceeds and Tax Benefits	4,361			—			—			—		4,361
Cash Dividends Paid	(11,387		)	—			—			—		(11,387		)
Net Cash Provided by (Used in) Financing Activities	(38,709		)	668			(300		)	—		(38,341		)
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents	—			—			529			—		529
Net Increase (Decrease) in Cash and Cash Equivalents	(105,070		)	694			23,169			—		(81,207		)
Cash and Cash Equivalents, Beginning	162,628			1,275			24,542			—		188,445
Cash and Cash Equivalents, Ending	$	57,558		$	1,969		$	47,711		$	—	$	107,238